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Stock Market & Financial Investment News

News Breaks
September 11, 2013
10:55 EDTEDSExceed Co. special committee continues evaluation of proposal
Earlier today, Exceed Company announced that the special committee of its board of directors has retained Houlihan Lokey as its financial advisor, K&L Gates as its U.S. legal counsel and Walkers Global as its BVI legal counsel. As previously announced, the special committee was formed to consider a non-binding proposal from its chairman and chief executive officer, Mr. Shuipan Lin and his affiliates (including Tiancheng Int'l Investment Group Limited), HK Haima Group Limited, Wisetech Holdings Limited, Windtech Holdings Limited and RichWise International Investment Group Limited, pursuant to which the consortium members propose to acquire all of the outstanding ordinary shares of the company not currently owned by them in a going private transaction at a proposed price of $1.72 per ordinary share in cash. The special committee is continuing its evaluation of the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the proposal or any other transaction will be approved or consummated.
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October 21, 2014
08:10 EDTEDSExceed enters into an amendment to the merger with Pan Long
Exceed Company announced that on October 20 it entered into an amendment to the Agreement and Plan of Merger, dated December 2, 2013, by and among the Company, Pan Long Company, an exempted company with limited liability incorporated under the laws of the Cayman Islands and wholly owned by Shuipan Lin, the Company's Chairman and CEO and Pan Long Investment Holdings Limited, a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement without payment of a termination fee if the merger contemplated by the Merger Agreement was not consummated by the termination date of September 2. The Merger Agreement Amendment extends the Termination Date to December 31. The Merger Agreement Amendment also increases the fee payable by Parent to the Company to $2.5M if the Merger Agreement is terminated under circumstances where a termination fee of $2M would previously have been payable and provides that the Company is no longer obligated to pay a termination fee to Parent if the Merger Agreement is terminated under circumstances where a termination fee of $1M would previously have been payable.

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